ILSA revived by Virginia ruling?

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A ruling in favor of two homebuyers reneging on their contract in Northern Virginia may have revived hope for contract holders in New York City, according to the Wall Street Journal and as The Real Deal first reported. While many New York City homebuyers have tried to use the Interstate Land Sales Full Disclosure Act — a decades-old law known as “ILSA” — to back out of contracts that went sour in the market downturn, few have found success. But the Virginia ruling, which allowed a couple to ditch a $2 million contract when their developer pulled out, could set a precedent for contract-holders in other states, according to industry insiders. [WSJ]

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